Taiwan’s Financial Supervisory Commission has expressed its support for the mainstream adoption of ICOs, cryptocurrencies, and the Blockchain.
In a surprise – but welcome – move, Taiwan’s Financial Supervisory Commission (FSC) has moved to express its support for the mainstream adoption of Initial Coin Offerings (ICOs), cryptocurrency, and Blockchain-powered solutions.
The move is in stark contrast to China’s recent approach, which has seen the country ban ICOs and cryptocurrency exchanges within its borders. Notably, a report issued earlier this week gives indication that China may well re-open trade with new regulatory systems in place.
Wellington Koo, Taiwanese FSC Chair, announced that there would be no outright prohibition on cryptocurrency nor cryptocurrency-related activities within the country, and that Taiwanese government would be prepared to support entrepreneurs and innovators exploring Blockchain-powered solutions and digital currencies.
Congressman Jason Hsu of Taiwan’s Nationalist Party stated that local government would pass the Financial Technology Innovation Experimentation Act to support fintech initiatives as well as Blockchain startup companies.
Hsu offered that “…just because China and South Korea are banning [ICOs and cryptocurrency exchanges], doesn’t mean that Taiwan should follow suit – there is a huge opportunity for growth in the future. We should emulate Japan, where they treat cryptocurrency as a highly regulated, highly monitored industry like securities.”
Japan, of course, has emerged as a leading light in the handling of cryptocurrencies – the nation’s government recently announced that Bitcoin will be accepted as a legal form of payment from May this year.
What are your thoughts? Should other nations follow Taiwan’s example? Be sure to let us know your opinion in the comments below!